Office space take up falls 25% in Dublin in first quarter

Cushman & Wakefield report shows declining take-up but prices up on last year

Dublin’s office space take-up fell in the first quarter compared to the same period last year which was noted as an “exceptional” three months. Photograph: iStock

Office space take up in Dublin fell 25 per cent in the first quarter of this year compared to the same period in 2017 although market analysts suggest this year’s level is still “very strong”.

A report from commercial property group Cushman and Wakefield shows “strong occupier demand” in Dublin and although take-up fell, it notes that the first quarter of 2017 was an “exceptional first quarter”.

Ronan Corbett, the company’s head of offices, said: “The continued dominance of the technology sector and the re-emergence of both State and domestic private-sector occupiers has been a feature of quarter one.

“While headline rents have remained relatively steady, if the current rate of take-up continues, there will inevitably be pressure on rents in the near to medium term.”

The vacancy rate in the quarter increased ever so slightly to 12.4 per cent although, the net vacancy rate, the vacancy rate net of signed and reserved space, was 7.5 per cent.